Hong Kong’s stock market is on track for its worst quarter for new listings since the start of the Covid-19 pandemic, as the regulatory crackdown on Chinese technology groups cuts the flow of lucrative share sales vital to the city’s exchange.
Bankers had expected Hong Kong to profit from Beijing’s aversion to US listings but local tech groups raised just $671 million from listings over the past three months, while new listings raised $6.5 billion – a 60% year-on-year drop, according to Dealogic data, and the worst performance since the first quarter of 2020. Most banks and brokers don’t expect a rebound till 2022 at the earliest, the report said. Full story: The Financial Times.
